Corporate results: POL earns Rs2 billion in third quarter
Profit rises 67% from the second quarter.
Net sales of POL dropped 20% quarter-on-quarter to Rs6.5 billion in the January-March quarter because of a 7% decline in the price of Arab Light crude. STOCK IMAGE
KARACHI:
Pakistan Oilfields Limited (POL) on Monday announced earnings of Rs2 billion in the third quarter of financial year 2014-15 (EPS Rs8.5) against Rs1.2 billion (EPS Rs5) in the second quarter, up around 67%.
“The result is slightly on the higher side as compared to consensus estimates of market analysts,” said Topline Securities in a research report.
Net sales of POL dropped 20% quarter-on-quarter to Rs6.5 billion in the January-March quarter because of a 7% decline in the price of Arab Light crude – the benchmark for local exploration and production companies.
Oil volumes fell 9.4% compared to the second quarter while gas volumes dipped 8.5%.
Negligible exploration cost of Rs17.5 million booked in the third quarter versus Rs2.8 billion (dry well booked) in the second quarter provided considerable support to the company’s bottom-line, commented the research house.
In nine months (July to March), the company posted a profit of Rs7.4 billion (EPS Rs31.1), down 27% from Rs10.1 billion (EPS Rs42.7) in the same period of previous year.
Net sales fell 7% to Rs24.4 billion in nine months versus Rs26.2 billion in the corresponding period of last year.
In the period, POL’s oil production grew 10% while gas output declined 11%.
Exploration cost stood at Rs3.1 billion against Rs1.4 billion in the previous year, denting the company’s bottom-line. The surge in exploration cost came as a result of Rs2.8 billion dry well cost incurred in the second quarter.
Published in The Express Tribune, April 14th, 2015.
Pakistan Oilfields Limited (POL) on Monday announced earnings of Rs2 billion in the third quarter of financial year 2014-15 (EPS Rs8.5) against Rs1.2 billion (EPS Rs5) in the second quarter, up around 67%.
“The result is slightly on the higher side as compared to consensus estimates of market analysts,” said Topline Securities in a research report.
Net sales of POL dropped 20% quarter-on-quarter to Rs6.5 billion in the January-March quarter because of a 7% decline in the price of Arab Light crude – the benchmark for local exploration and production companies.
Oil volumes fell 9.4% compared to the second quarter while gas volumes dipped 8.5%.
Negligible exploration cost of Rs17.5 million booked in the third quarter versus Rs2.8 billion (dry well booked) in the second quarter provided considerable support to the company’s bottom-line, commented the research house.
In nine months (July to March), the company posted a profit of Rs7.4 billion (EPS Rs31.1), down 27% from Rs10.1 billion (EPS Rs42.7) in the same period of previous year.
Net sales fell 7% to Rs24.4 billion in nine months versus Rs26.2 billion in the corresponding period of last year.
In the period, POL’s oil production grew 10% while gas output declined 11%.
Exploration cost stood at Rs3.1 billion against Rs1.4 billion in the previous year, denting the company’s bottom-line. The surge in exploration cost came as a result of Rs2.8 billion dry well cost incurred in the second quarter.
Published in The Express Tribune, April 14th, 2015.